"While we cannot share details of our discussions with regulators, we are continuing to work to meet Bafin requirements." It is an "ongoing process." a Binance statement reads, adding that it remains "confident that we have the right team and the appropriate measures in place to continue our discussions with the regulators in Germany. It remains unclear whether the initial refusal is final from BaFin, but Jiinger noted that the team would continue its collaboration with authorities. Over the past few weeks, the trading platform has revoked its application for licensing in Austria and the United Kingdom, and it has also closed its operations in the Netherlands as well. While Europe remains a crucial region for Binance's global business, it has continued to face significant roadblocks with regulators there. ![]() Per the report, CEO of Binance Germany Jonas Jiinger has been unable to get the exchange licensed due to the fact that regulatory requirements are now too stringent to meet. According to a report from FinanceFWD, German regulator BaFin has rejected the application for an operating license from the trading platform, an apparent setback in its plans. "I would imagine that other firms spooked by the prevalent trend for regulation by enforcement will follow suit," said Katharine Wooller, business unit director at Coincover, a provider of insurance for digital assets.Binance exchange, the biggest crypto brokerage firm in the world by trading volume, has faced another roadblock in its bid to deepen its foothold in the European market. Executives said they expected exchanges to continue to expand into international regions that have more favorable regulations.Ĭoinbase, for example, has previously said it would consider moving its global headquarters outside of the U.S. that crypto intermediary compliance isn't possible," Gensler said in a speech on Thursday, adding however that "it takes work."Īccording to analysts at Bernstein, roughly 90% of crypto trading already takes place outside the U.S. Gensler has suggested an industry shake-out would be good for investors. Please note that the minimum requirement is different for each cryptocurrency. Your deposit will be successfully credited once the transaction meets the minimum required network confirmation specified by the Binance system. ![]() I think what they are engaging in is a coordinated campaign to essentially destroy the crypto economy in the United States," Stuart Alderoty, chief legal officer at Ripple, told the Piper Sandler Global Exchange & Fintech Conference in New York on Wednesday. Your deposit is pending network confirmation. ![]() "I don't think that this SEC under this leadership necessarily cares whether they win or lose in the courts. On Thursday, Judge Torres ruled that XRP is not a security in Programmatic Sales on exchanges. While big crypto companies can afford to fight the SEC, smaller companies have filed for bankruptcy following SEC enforcement actions, including crypto exchange Beaxy. An SEC suit alleging Ripple's XRP token is a security, for example, has been under litigation for more than two years.īut whether the SEC wins or loses, the suits send a strong signal to the industry that the agency is not going to let up, executives said. The concentration of whale movements occurred shortly after XRP got rejected at the 0.40 level. The latest lawsuits will play out in court, which could take years. Gemini, and Okcoin did not immediately respond to a request for comment. We will continue to closely monitor this case and others for precedential rulings," a spokesperson for Kraken said. For every asset we list, our teams conduct thorough risk and security evaluations which includes a comprehensive legal and compliance process. regulators, and possibly the Department of Justice, in the next few weeks," said Scott Freeman, co-founder of JST Digital, a financial services firm focusing on digital assets.Ī spokesperson for the Justice Department declined to comment.Ĭrypto companies, including Coinbase and Binance, dispute the SEC's authority, saying many tokens are more akin to commodities, and have repeatedly called for regulators to create clear rules rather than assert their jurisdiction via enforcement actions. "We would not be surprised to see more lawsuits from the U.S. The Coinbase and Binance suits this week expand that list to include some commonly traded tokens, such as Solana, Cardano and Polygon. ![]() The agency has brought more than 130 crypto lawsuits and settlements to date, according to data from consultancy Cornerstone Research and the SEC website, and in several of those cases has named specific tokens as securities.
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